Financier Dermot Desmond is reported to have acquired a stake in Ecocem Materials, the low-carbon cement producer founded by Irishman Donal O’Riain and backed by Saint-Gobain. Ecocem holds a 70 per cent stake in a EUR30m 2Mta plant venture with ArcelorMittal and has three cement plants at Ringsend (Ireland), Moerdijk (The Netherlands) and Fos-sur-Mer (France)

Via his private equity company, IIU, Mr Desmond is believed to be acquiring as much as 11 per cent of shares, possibly from the Durkan Group.

Established in 2003, Ecocem produces cement from granulated blastfurnace slag and reported sales of EUR63m in 2016. Saint-Gobain holds a 30 per cent stake in the company with an additional 31 per cent held by private investors such as Brendan Donald, the Durkan Group and Ged Pierse. The O’Riain family holds the remaining 39 per cent.